TFM Morning Update 08-17-2023


  • Corn is trading lower this morning along with wheat as prices seem to slide downwards whenever Russia doesn’t launch a new attack on Ukraine’s ports.
  • Export sales will be released today and are expected to be slow, but new crop sales have picked up slightly over the past month as US corn prices fall.
  • US ethanol stocks rose by 2.4% to 23.435 m bbl, but analysts were expecting 22.83. Plant production was 1.069 m b/d compared to the survey average of 1.035.
  • The US is preparing to request a dispute resolution panel with Mexico claiming that their corn policy banning GMO corn violates the trade deal.


  • Soybeans are trading quietly this morning and are essentially unchanged as soybean meal slips lower but soybean oil continues on higher.
  • Soybean oil prices are getting a boost from higher palm oil on talk of increased imports from India, helping to firm soybean oil’s percent of crush value to 6-month highs, while also adding support to soybeans.
  • Brazilian food and fuel processor Caramuru Alimentos has started selling soybean based ethanol at one of its plants in Brazil.
  • In the EU, soybean imports were down slightly from the previous year at 1.33 mmt by August 13 compared to 1.58 mmt a year earlier.


  • All three wheat products are lower after a lack of activity in the Black Sea region last night. The progression of US harvest is also weighing on prices.
  • Brazil’s wheat crop is now seen at 11.19 mmt which is down 2.3% from the previous estimate. Their imports were unchanged at 5.77 mmt.
  • Ukraine’s August grain exports out of the Danube River are reported at 820,000 metric tons so far as the river becomes Ukraine’s main export route.
  • India is considering wheat imports from Russia of 9 mmt to calm local prices which have reached a 7-month high due to their own low wheat stocks.


Amanda Brill

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